Surveillance and Policy Coordination documents

October 05, 2011

Fund's papers

The Liberalization and Management of Capital Flows — An Institutional View; November 14, 2012
    - Paper
    - PIN
    - IMF Survey article

Is China Over-Investing and Does it Matter?; Lee, Murtaza and Liu; November 27, 2012

Effects of Capital Flow Liberalization—What is the Evidence from Recent Experiences of Emerging Market Economies?; Saadi Sedik and Sun; November 16, 2012

Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies; Poghosyan; November 8, 2012

FX Funding Risks and Exchange Rate Volatility–Korea's Case; Ree; Yoon,and Park; November 7, 2012

The Effectiveness of Monetary Policy Transmission Under Capital Inflows: Evidence from Asia; Jain-Chandra, and Unsal; November 2, 2012

The Domestic Credit Supply Response to International Bank Deleveraging: Is Asia Different?; Aiyar and Jain-Chandra; October 26, 2012

Communiqué of the Twenty-Sixth Meeting of the International Monetary and Financial Committee (IMFC); October 13, 2012

Guidance Note for Article IV Consultations; October 10, 2012

IMF Managing Director's Global Policy Agenda for the IMFC Meeting; October 2012

Exploring the Dynamics of Global Liquidity; Maechler; October 11, 2012

The Role of Risk and Information for International Capital Flows: New Evidence from the SDDS; Hashimoto; October 5, 2012

The IMF's Financial Surveillance Strategy; September 28, 2012
    - Public Information Notice
    - Statement by the First Deputy Managing Director
    - Paper

How much should I hold? Reserve Adequacy in Emerging Markets and Small Islands; Mwase; August 1, 2012

Modernizing the Legal Framework for Surveillance—An Integrated Surveillance Decision; July 30, 2012
    - Public Information Notice
    - Statement by the Managing Director
    - IMF Survey Article
    - Paper

2012 Spillover Report; July 9, 2012
    - Paper

Pilot External Sector Report; July 3, 2012

International Capital Flows and Debt Dynamics; Evans; July 1, 2012

Riding Global Financial Waves: The Economic Impact of Global Financial Shocks on Emerging Market Economies; Adler and Tovar Mora; July 1, 2012

Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis; Bhatia and Bayoumi; June 1, 2012

Reforming the Economic System ; Podcast by Martin Wolf; June 8, 2012

Externalities and Macro-Prudential Policy; De Nicoló, Favara and Ratnovski; June 7, 2012

Liberalizing Capital Flows and Managing Outflows; May 4, 2012
    - Paper
    - PIN

Foreign Banks and the Vienna Initiative: Turning Sinners into Saints?; De Haas, Korniyenko, Loukoianova and Pivovarsky; May 1, 2012

China's Impact on World Commodity Markets; Roache; May 1, 2012

Communiqué of the Twenty-Fifth Meeting of the IMFC; April 21, 2012

Joint Statement by the International Monetary and Financial Committee and the Group of 20 Finance Ministers and Central Bank Governors on IMF Resources; April 20, 2012

Enhancing Financial Sector Surveillance in Low-Income Countries; April 16, 2012
    - Financial Deepening and Macro-Stability
         (In French)
    - Background paper
    - Case studies
    - IMF Survey Article

Managing Director's Consolidated Multilateral Surveillance Report to the International Monetary and Financial Committee; April 15, 2012

Managing Director's Action Plan to the International Monetary and Financial Committee; April 18, 2012

Two Targets, Two Instruments: Monetary and Exchange Rate Policies in Emerging Markets; Ostry, Ghosh and Chamon; February 29, 2012

Statement by IMF Managing Director Christine Lagarde on the Meeting of the Euro Group; February 20, 2012

An Integrated Framework for Financial Positions and Flows on a From-Whom-to-Whom Basis: Concepts, Status, and Prospects; Shrestha, Mink and Fassler; February 1, 2012

IMF Conference: Analyzing (External) Imbalances; February 2, 2012

Shifting Motives: Explaining the Buildup in Official Reserves in Emerging Markets since the 1980s; Ghosh, Ostry and Tsangarides; January 1, 2012

Surges; Ghosh, Kim, Qureshi and Zalduendo; January 1, 2012

Foreign Banks: Trends, Impact and Financial Stability; Claessens and Horen; January 1, 2012

2011 Triennial Surveillance Review; November 2011
    - All documents
    - Public Information Notice
    - Overview Paper
    - The Managing Director's Action Plan
    - IMF Survey Article

Twelfth Jacques Polak Annual Research Conference: Monetary and Macroprudential Policies; November 10-11, 2011

Internationalization of Emerging Market Currencies: A Balance Between Risks and Rewards; Maziad, Farahmand, Wang, Segal and Ahmed; October 19, 2011

Financial Deepening and International Monetary Stability; Goyal, Marsh, Raman, Wang and Ahmed; October 19, 2011

Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System (IMF Book Event); Eichengreen; October 19, 2011
    - Event page
    - IMF Survey Article

Does G-4 Liquidity Spill Over?; Psalida and Sun; October 1, 2011

Communiqué of the 24th Meeting of the IMFC: Collective Action for Global Recovery; September 25, 2011

The Managing Director’s Action Plan to the IMFC; September 24, 2011

MD’s opening address to the 2011 Annual Meetings: The Path Forward – Act Now and Act Together; September 23, 2011

Consolidated Multilateral Surveillance Report; September 2011

Axel Weber: The IMF and the International Monetary System: Lessons from the Crisis (Per Jacobsson Foundatation Lecture; September 25, 2011
    - Text of the lecture
    - Video of event

Unforeseen Events Wait Lurking: Estimating Policy Spillovers From U.S. To Foreign Asset Prices; Bayoumi and Bui; May 2011

Consolidated Report on Spillovers
    - Paper; July 2011
    - IMF Survey Article; September 2011

Spillover Reports for:
    - United Kingdom; August 2011
    - United States; July 2011
    - People’s Republic of China; July 2011
    - Euro Area Policies; July 2011
    - Japan; July 2011;

The Challenges of Economic Policy Cooperation; Lipsky; June 2011
    - Speech
    - Presentation

Summoning the Will to Act; Lipsky; May 2011

Panel Calls for a Greater Asian Role in International System; IMF Survey; May 2011

Communiqué of the Twenty Third Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund; April 2011

Strengthening the International Monetary System - Taking Stock and Looking Ahead; March 2011

Managing Volatility - A Vulnerability Exercise for Low-Income Countries; March 2011
    - Press Release
    - Main Paper

2011 Triennial Surveillance Review and Review of the 2007 Decision; March 2011
    - Concept Note
    - IMF Survey Article

The IMF-FSB Early Warning Exercise - Design and Methodological Toolkit; September 2010

Integrating Stability Assessments Under the Financial Sector Assessment Program into Article IV Surveillance; August 2010
    - Press Release
    - Public Information Notice
    - Main Paper

Review of the Fund's Mandate—Follow-Up on Modernizing Surveillance; July 2010
    - Public Information Notice
    - Main Paper

Modernizing the Surveillance Mandate and Modalities; March 2010

Financial Sector Surveillance and the Mandate of the Fund; March 2010

IMF, FSB Working Together on Identifying Systemic Risks; August 2009

Papers written for the G-20

Final Communiqué of the Meetings of the G-20 Finance Ministers and Central Bank Governors Mexico City; November 5, 2012

Global Prospects and Policy Challenges - Note for Meetings of the G-20 Finance Ministers and Central Bank Governors Mexico City; November 4-5, 2012

G20 Leaders' Declaration; Los Cabos, Mexico; June 9, 2011

Statement by IMF Managing Director Christine Lagarde on G-20 Ministerial Meeting in Mexico City; Mexico City; February 26, 2012

Communiqué of the Meeting of Finance Ministers and Central Bank Governors; Mexico City; February 26, 2012

Statement by IMF Managing Director Christine Lagarde on the G-20 Cannes Summit; Cannes; November 4, 2011

G20 Leaders Summit Final Communique; Cannes; November 4, 2011

G20 Cannes Summit Final Declaration; Cannes; November 4, 2011

2011 Staff Reports for the G-20 Mutual Assessment Process (MAP)

Communiqué of Finance Ministers and Central Bank Governors of the G-20; Paris, October 15, 2011
    - English
    - Français

Global Economic Prospects and Policy Challenges; Written for the Meeting of the G-20 Finance Ministers and Central Bank Governors, Paris; October 14-15, 2011

Communiqué of Finance Ministers and Central Bank Governors of the G-20; Washington DC, September 22, 2011

Global Economic Prospects and Policy Challenges (Meeting of the G20 Deputies), Paris; July 2011

Palais Royal Initiative (Camdessus Group) Report; Longer version (February 2011) | Initial Report (January 2011)

G-20 Mutual Assessment Process – IMF Staff Assessment of G-20 Policies; November 2010

G-20 Surveillance Note: Global Economic Prospects and Policy Challenges; October 2010

Other papers/commentaries

Currency intervention as global monetary easing: The case of Japan in 2003-04; Gerlach-Kristen, McCauley, and Ueda; November 7, 2012

Banks and cross-border capital flows: Policy challenges and regulatory responses; Brunnermeier, De Gregorio, Lane, Rey and Shin;
October 7, 2012
    - Summary
    - eReport

The Federal Reserve and Currency Wars; Ocampo; October 2, 2012

Global Liquidity: Concepts, Measurements and Implications from a Monetary Policy Perspective; ECB Monthly Bulletin; pp. 55–68; October 2012.

Interdependence and contagion in global asset markets; Beirne and Gieck; October 1, 2012

Global Rebalancing 2.0; Lim and Mendoza; September 26, 2012

Time for international monetary coordination; Manasse; September 3, 2012

After the Fall: The Future of Global Cooperation; Frieden, Pettis, Rodrik and Zedillo; July 26, 2012
    - eBook
    - Article

Club Med and the Sun Belt: Lessons from adjustment within a monetary union; Dadush, Wyne and Ali; July 24, 2012

Central Bank Cooperation in Times of Crisis; Duke; July 20, 2012

International rules for capital controls; John Williamson, Olivier Jeanne, Arvind Subramanian; June, 11 2012.

The euro and the global crises: Finding the balance between short-term stabilisation and forward-looking reforms; Joshua Aizenman; June 5, 2012

Comparing the Recent Financial Crisis in the United States and the Euro Area with the Experience of Japan in the 1990s; ECB Monthly Bulletin; p.95-112; May 2012

Beggar-thy-neighbours? Spillover effects of exchange rates; Mattoo, Mishra and Subramanian; May 23, 2012

Country Size, Currency Unions, and International Asset Returns -- Abstract only, access to full paper for subscribers; Hassan; May 2012

Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls -- Abstract only, access to full paper for subscribers; Forbes, Fratzscher, Kostka and Straub; May 2012

Prudential Policy for Peggers -- Abstract only, access to full paper for subscribers; Schmitt-Grohe and Uribe; May 2012

Developing countries' financial vulnerability to the euro crisis: An event study of equity and bond markets -- Abstract only, access to full paper for subscribers; Aizenman, Jinjarak, Lee and Park; May 2012

Is the euro rescue succeeding? An update; Dadush and Wyne; April 20, 2012

The Spanish hangover; Alcidi and Gros; April 15, 2012

CEPR: Excessive risk-taking by banks: A new eReport; March 30, 2012
    - Introduction
    - eReport

The International Monetary Fund–Setting up shop in Europe; Lombardi; March 1, 2012

The turn of emerging countries; Angeloni; February 23, 2012

Europe v. World; Truman; February 14, 2012

Euro-area cross border financial flows; ECB Monthly Bulletin; February 2012, pp. 105–118

Global liquidity and its international repercussions; Coeuré; February 6, 2012

Don’t let the euro-crisis go east; Bénassy-Quéré, Fan, Kawai, Kim, Park, Pisani-Ferry, Vines and Yu; February 3, 2012

The IMF and the Eurozone–Weighing Unconventional Options to Stabilize the Global Economy; Lombardi and Milsom; January 19, 2012

The ten roots of the Euro crisis; Darvas; January 11, 2012

Report of the IEFS panel on "Financial Integration and Global Rebalancing"; Chinn; January 9, 2012

Apart from the fiscal compact – on competitiveness, nominal wages and labour productivity; Peeters and den Reijer; January 3, 2012

The New International Economic Disorder; El-Erian; December 21, 2011

Reform of the international monetary and financial system; Bush and Farrant; December 21, 2011

How can the impossible trinity not apply to Asia?; Grenville; November 26, 2011

The Financial Crisis in the Light of the Euro Area Accounts: A Flow-of-Funds Perspective -- ECB Monthly Bulletin; October 2011, pp, 99–120

How to deal with a global Triffin dilemma; Saccomanni; October 4, 2011

Managing financial integration and capital mobility; Aizenmann and Pinto; October 4, 2011

Currency wars: Lessons from the US experience: 1973-95; Bordo and Humpage; October 3, 2011

Greece: The sudden stop that wasn’t; Tornell and Westermann; September 28, 2011

Currency wars; Dadush and Eidelman; September 23, 2011

Reforming the International Monetary System; Farhi, Gourinchas and Rey; September 19, 2011

    - e-Book
    - Article

Managing exchange rate misalignment and current account imbalances -- ECB Research Bulletin; Dedola; Summer 2011, pp. 2-7

International Financial Crises and the Multilateral Response: What the Historical Record Shows -- Abstract only, access to full paper for subscribers; Barkbu, Eichengreen and Mody; August 2011

The G20 and Global Imbalances; Eichengreen; June 2011

A Post-Crisis World of Risk; Spence, M; June 2011

The Outlook for International Monetary System Reform in 2011: A Preliminary Report Card; Truman; May 2011

The Future of the International Monetary System — Lessons from 1971 for Europe and the Rest of the World in Light of Past and Present Experience; Stark; May 2011

Policy discipline and spillovers in an inter-connected global economy; Subbarao; May 2011

The Bear of Bretton Woods; Eichengreen; April 2011

Reform of the international monetary system: Some concrete steps; Bénassy-Quéré, Pisani-Ferry and Yu; March 2011

International Symposium on “Regulation in the face of global imbalances”; Banque De France; March 2011

Global Imbalances and Financial Stability; Banque De France; February 2011

The Long March Towards a Multipolar Monetary Regime; Bénassy-Quéré and Pisani-Ferry; February 2011

IMF Performance in the Run-Up to the Financial and Economic Crisis: IMF Surveillance in 2004-07; January 2011

The Financial Crisis and the Strengthening of Global Policy Cooperation; pp. 87-97; January 2011

Strengthening IMF Surveillance: A Comprehensive Proposal; Truman; December 2010

International Monetary Arrangements; Landau; September 2010

The world needs an unbiased risk assessor -- Requires subscription; Stern; March 2009

Global Governance and Reform of the International Monetary Fund: An Update; Boorman; 2009

Reform of the Global Financial System and the Role of the IMF; Boorman; November 2007